A title is the foundation of real estate ownership and refers to your legal right to own, use, control,possess or dispose of the home. Before issuing a title insurance policy, a title agent will check for any defects in your title.
Title insurance helps protect you and your lender from prior rights or claims that other parties may have to the property, as well as from any outstanding debts of previous property owners. Title insurance is based upon a public records search, which is evaluated to determine the state of the title at the time of your purchase.
When a mortgage is granted, the lender seeks protection for their investment and requires a policy be issued to protect against losses resulting from claims made by others against the property.
A policy of title insurance usually insuring an owner of real estate against loss occasioned by defects in, liens against, or un-marketability of the owner's title.
A document issued by a title insurance company in connection with an about-to-be-issued title insurance policy. It protects a mortgagee who is forwarding funds to a title insurance company's agent or attorney against an embezzlement of funds or a failure to follow specific closing instructions.
The process of completing a real estate transaction during which deeds, mortgages, leases and other required instruments are signed an/or delivered, and accounting between parties is made, and the money is disbursed.
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